MIRA
INFORM REPORT
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Report Date : |
09.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
EXOTIC FRUITS PRIVATE LIMITED |
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Registered Office : |
877, 1st Cross Indiranagar, 1st Stage Bangalore
– 560038, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
08.03.1999 |
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Com. Reg. No.: |
08-24875 |
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CIN No.: [Company
Identification No.] |
U15137K1999PTC024875 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE00651A |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturing, Trading, Dealing, Exporting and Importing
of Fruit Pulp and Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
877, 1st Cross Indiranagar, 1st Stage Bangalore
– 560038, Karnataka, India |
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Tel. No.: |
91-80-25203080-82 |
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Fax No.: |
91-80-51161717 |
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E-Mail : |
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Website : |
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Marketing Office : |
423, Sai Commercial Complex, BKS Devshi Marg, Mumbai – 400088 |
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Tel. No.: |
91-22-67550901 |
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Fax No.: |
91-22-67550902 |
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E-Mail : |
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Factory 1 : |
# 4009, Yamuna, 100 Feet Road, Hal II Stage, Bangalore –
560 008, Karnataka |
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Factory 2 : |
Ratnagiri, Maharashtra, India |
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Branches : |
Located at :- Chittor, Andhra Pradesh |
DIRECTORS
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Name : |
Mr. A. Shashidharan |
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Designation : |
Chairman & Managing
Director |
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Address : |
# 54, 14th Cross, 9th
Main, II Stage, Indira Nagar, Bangalore – 560 038, Karnataka |
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Date of Birth/Age : |
05.11.1954 |
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Date of Appointment : |
14.02.2000 |
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Name : |
Mr. R. Chandrasekar |
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Designation : |
Wholetime Director |
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Address : |
# 11A, Jyostsana, Sivaram Nagar,
Ramanathapuram, Coimbatore |
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Date of Birth/Age : |
06.10.1957 |
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Date of Appointment : |
25.03.1999 |
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Name : |
Mr. R. M. Riyaz |
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Designation : |
Director |
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Address : |
# 167/6, 6th Main, J.
P. Nagar, III Phase, Bangalore – 560 078, Karnataka |
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Date of Birth/Age : |
14.12.1944 |
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Date of Appointment : |
25.09.199 |
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Name : |
Mr. Pratik B. Popat |
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Designation : |
Wholetime Director |
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Address : |
# 13C, Sett Minar, Peddar Road,
Mumbai – 400 026, Maharashtra |
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Date of Birth/Age : |
08.03.1966 |
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Date of Appointment : |
25.03.1999 |
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Name : |
Mr. Avinash V. Phirake |
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Designation : |
Director |
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Address : |
# 401, Sneh Regency, 79 Sector,
29, Vashi, Navi Mumbai, Maharashtra |
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Date of Birth/Age : |
14.08.1959 |
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Date of Appointment : |
02.06.2003 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. A. Shashidharan |
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1,25,000 |
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Mr. Avinash V. Phirake |
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75,000 |
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Mr. Pratik B. Popat |
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1,25,000 |
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Mr. RM Riyaz |
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50,000 |
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Mr. RHM Kamran |
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25,000 |
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Mr. R. Chandrasekar |
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1,00,000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing, Trading, Dealing, Exporting and Importing
of Fruit Pulp and Products. |
GENERAL
INFORMATION
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Customers : |
Wholesalers, retailers and OEMs |
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No. of Employees : |
10 |
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Bankers : |
Andhra Bank N. R. Road, Bangalore – 560 002, Karnataka, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ganoba & Bhat Chartered Accountants |
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Address : |
Bangalore, Karnataka |
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Group Company : |
Exotic Agrofarms Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,00,000 |
Equity Shares |
Rs.10/- each |
Rs.
5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,00,000 |
Equity Shares |
Rs.10/- each |
Rs.
5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
5.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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37.127 |
31.626 |
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NETWORTH |
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42.127 |
36.626 |
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LOAN FUNDS |
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1] Secured Loans |
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74.656 |
27.036 |
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2] Unsecured Loans |
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4.946 |
0.000 |
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TOTAL BORROWING |
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79.602 |
27.036 |
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DEFERRED TAX LIABILITIES |
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1.360 |
0.670 |
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TOTAL |
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123.089 |
64.332 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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73.795 |
9.660 |
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Capital work-in-progress |
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0.000 |
13.015 |
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INVESTMENT |
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0.036 |
0.030 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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20.159 |
33.649 |
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Sundry Debtors |
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15.851 |
5.383 |
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Cash & Bank Balances |
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3.197 |
7.643 |
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Loans & Advances |
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30.674 |
10.638 |
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Total
Current Assets |
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69.881 |
57.313 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.623 |
15.686 |
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Provisions |
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Total
Current Liabilities |
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20.623 |
15.686 |
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Net Current Assets |
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49.258 |
41.627 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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123.089 |
64.332 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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338.209 |
315.645 |
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Other Income |
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Total Income |
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338.209 |
315.645 |
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Profit/(Loss) Before Tax |
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7.742 |
12.401 |
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Provision for Taxation |
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2.240 |
3.040 |
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Profit/(Loss) After Tax |
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5.502 |
9.361 |
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Earnings in Foreign Currency : |
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Total Earnings |
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315.664 |
258.229 |
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Imports : |
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Total Imports |
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24.914 |
1.394 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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1.63 |
2.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.29 |
3.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.39 |
18.52 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.38 |
1.17 |
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Current Ratio (Current Asset/Current Liability) |
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3.39 |
3.65 |
LOCAL AGENCY
FURTHER INFORMATION
The company’s fixed assets of important value includes plant
& machinery, office equipment, computers and vehicle.
Bankers Charges
Report as per Registry
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Name of the company |
EXOTIC
FRUITS PRIVATE LIMITED |
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Presented By |
EXOTIC
FRUITS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
03 Composite
agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 90.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all the Present and Future Stocks of Mangoes and Finished Products of Mangoes
in and Form Stored in company premises and in other authorized processing
centre. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as
applicable Repayment on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank N. R. Road
Branch, Bangalore –
560002 |
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6) Date and brief description of instrument modifying the charge |
27.02.2005 Composite
agreement |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Working Capital
limit increased by Rs. 59.000 Millions. Total Working Capital Limit increased
from Rs. 170.000 Millions to Rs. 229.000 Millions FUBP/FUBD Rs. 20.00
Millions and Term Loan of Rs. 28.350 Millions continues. Total limit
increased to Rs. 257.35 Millions. All other Terms, Conditions and Securities
continues for the increased limit. |
AS PER WEBSITE
Exotic Fruits is an export driven company and
a government recognized export house form India manufacturing tropical fruit
purees and concentrates in aseptic, canned and frozen packaging. Exotic’s
products, marketed globally under the Fruitus TM brand, are used in several
fruit – based industries including beverages, yogurts, dalry and
confectionaries. Exotic has always believed in adding value to its customer
offering a belief which has resulted in consistent patronage from customers all
over the world.
Exotic’s processing plants – for aseptic,
canned and frozen products are strategically located near fruit growing areas
in India. All these units actively demonstrate the philosophy of continuous
improvement and utilize an impressive range of equipment adopting the latest
processing technology.
At Exotic, quality always comes first, whether
it be in product or in the service. Exotic is a participant in the Voluntary
Control System of SGF, Germany and is an approved supplier under the IRMA
programmed. Exotic’s processing plants are HACCP – certified and are well
equipped with modern testing facilities and procedures, which ensure that the
product conform with the most stringent international norms. Exotic is owned
and managed by professional who possess a rich experience in the tropical fruit
processing industry.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.27 |
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UK Pound |
1 |
Rs.85.54 |
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Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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